Baltic Dry Index. 596
+11 Brent Crude 47.93
Some people make things happen. Some people watch things happen. And then there are those who wonder, 'What the hell just happened?' What the hell just happened?
Dodgy Dave Cameron.
Britain voted to exit the wealth and jobs destroying EUSSR, and not a moment
too soon. The unreformed dysfunctional EUSSR is headed to breakup come the next
global recession anyway, and with Migrant Mad Merkel calling the shots without
consulting any of the other “members,” Soviet Union style in the old Warsaw
Pact, that breakup is all too likely to be acrimonious. In a total shock to the
over complacent fat cat establishment, John Bull took back partial control of
his destiny. It looks better and better for a President Trump in America next
year. 2016, a pivotal year.
The silver lining to the most incompetent, inept, scaremongering, UK
government political campaign since Lord North lost the American colonies, the
EUSSR gets one final chance to reform. I doubt the EUSSR apparatchiks in
Brussels will take it. Now on to the Spanish general election at the weekend.
Spain’s voters also have the ability to kick Brussels apparatchiks in the
groin.
The good news for GB though is goodbye to Dodgy Dave and his nonentity sidekick
little boy George. If either speaks a foreign language, they might just get a
job somewhere in the Great EUSSR gravy trough. The Scots too, now get their
chance to try their luck on $50 oil, old Labour extreme socialism, anti-English
racism, no currency, and an application to join the dying EUSSR in about a decade
if it still exist. But only if the Scotch voters vote their mouth to exit in
next year’s neverendum. The Scotch harridan must now put up or shut up.
All in all, a good night for anti-establishment change via the ballot
box rather than revolution, civil war, murder and mayhem. But will Venezuela
and Africa notice?
Brexit is reality, U.K. media says
Published: June 24, 2016 12:25 a.m.
ET
The U.K. has voted to leave the European Union, local broadcasters forecast
early Friday morning, taking most traders by surprise and sparking mayhem in
financial markets. Both ITV and BBC said just before 5 a.m. local time, or midnight Eastern time, that they predict “leave” has won the closely watched Brexit referendum.
The Sky News results tracker also put the exit side ahead with 51.7% versus 48.3% for the “remain” side, with 337 out of 382 counting areas having declared results.
The call for the Brexiteers’s victory comes after a dramatic and tense night, where opinion polls and early counts initially put the “remain” side ahead. Later in the night, however, the results started to show a strong showing for the exit camp, sending the pound sharply lower.
Sterling GBPUSD, -10.4007% dropped almost 10%, trading below $1.35 for the first time since 1985. Futures for the FTSE 100 index UKX, +1.23% slumped 7% to 5,848.
“Panic, volatility and risk-off best summarized the trading session in London overnight,” said Ipek Ozkardeskaya, senior market analyst at London Capital Group, said in a note.
“Moving forward, attention will shift to the Bank of England. The markets could need a hand to go through a historical moment. Quick measures should be put in place in order to fight the excessive volatility in the pound, the stock and the bond markets. This being said, given the low-to-negative rate environment in the U.K. and across the eurozone, the BOE’s maneuver margin is disturbingly narrow,” she added.
The final result — expected around breakfast time in the U.K. — will mark an end to four months of fierce campaigning that has unleashed an emotional public debate about immigration and the future of the U.K. economy.
Brexiteers have argued the U.K. would be better off free from Brussels’s regulatory restraints and that cutting ties with the EU is the only way the country can control immigration. The “remain” camp, on the other hand, has warned that a goodbye to the union would trigger a wave of economic uncertainty, possibly plunging the U.K. and other European economies into recession.
“I can’t overemphasize how important this vote is for the markets,” said Marshall Gittler, head of investment research at FxPrimus in a note.
More
Brexit Infects Global Markets as Unprecedented Moves Accumulate
June 23, 2016 — 10:57 PM BST Updated on June 24, 2016 — 5:42 AM BST
Global markets buckled as Britain’s vote on European Union
membership infected every asset class.
The pound plunged by a record and the euro slid by the most
since it was introduced in 1999 as the BBC projected a victory for
the "Leave" campaign with most votes counted in Britain’s
referendum on membership of the European Union. South Africa’s rand led slides
among the currencies of commodity-exporting nations as oil sank to about $47 a
barrel and industrial metals slumped. The yen surged and gold soared with U.S.
Treasuries as investors piled into haven assets. Futures on the FTSE 100
Index plunged with S&P 500 Index contracts as Asian stocks dropped by the
most in 10 months.
“It’s scary, and I’ve never seen anything like it,” said James
Butterfill, head of research and investments at ETF Securities, said by phone
from London. “We’re going to see outflows from basically any kind of cyclical
asset. A lot of people were caught out, and many investors will lose a lot of
money.”
The debate over the U.K.’s EU membership has dominated investor
sentiment throughout June, with appetite for riskier assets having built up
over the past week as bookmakers’ odds suggested the chance of a
so-called Brexit was less than one in four.
More
Gold Surges to Highest Since ‘14 as BBC Predicts Vote for Brexit
June 23, 2016 — 11:15 PM BST Updated on June 24, 2016 — 5:13 AM BST
Gold surged to
the highest level in more than two years in a frantic global hunt for haven
assets as Britain’s voters were projected to back leaving the European Union
after a historic poll.
Bullion for immediate delivery jumped as much as 8.1 percent to
$1,358.54 an ounce, the highest price since March 2014, and traded at $1,328.90
at 5:09 a.m. in London, according to Bloomberg generic pricing. The rally
was the biggest daily jump since 2008, setting off a surge in shares of gold
producers.
“Gold will be a preferred safe-haven asset with a ‘Leave’ vote,” said
Barnabas Gan, an economist at Singapore-based Oversea-Chinese Banking Corp, who
forecast that it could rally to as much as $1,400 if ‘Remain’ loses. Bullion’s
expected to remain volatile until the final verdict is out, according to Gan.
Bullion powered ahead amid turmoil in global financial markets as
the pound was driven the lowest level in more than three decades, equities
tanked and investors fled from risky assets. As figures from local counts came
in on Friday, BBC News predicted that the ‘Leave’ camp would win,
following similar calls from JPMorgan Chase & Co. and ITV News. With 306 of
382 areas declared, ‘Leave’ had 12.9 million votes, while ‘Remain’ was at 12.1
million.
More
Brexit a huge win for Boris Johnson
Published: June 24, 2016 12:06 a.m. ET
LONDON — Boris Johnson, the former London mayor who campaigned for
Britain to exit the European Union, scored a major victory, according to
forecasts by U.K. broadcasters, and is now a leading candidate to succeed Prime
Minister David Cameron, who led the losing camp.
Just a year ago, Johnson was a crucial weapon for the Conservatives in
the general election that gave the party full control of the U.K. government
and Cameron a second term as prime minister.
But in February, Johnson made a dramatic pivot against his party and
prime minister by joining the Leave effort. The ensuing campaign served as a
showcase for Johnson’s quick-witted and often unsparing brand of politics. He
trained his verbal guns on Cameron, a longtime political ally and friend, launching
sharp-tongued broadsides that belittled the arguments Cameron made for staying
in the EU
The campaign also gave Johnson, 52 , exposure to a much wider U.K.
audience than he had as London mayor.
On the heels of Thursday’s vote, the question will be whether Johnson
now gets to No. 10 Downing Street.
Cameron has said he planned to stay in his job whatever the result of
the referendum. He said his job would be to implement the will of the people.
But having lost the referendum, Cameron’s position could become untenable, and
he could resign or face a leadership challenge.
"Gold
was not selected arbitrarily by governments to be the monetary standard. Gold
had developed for many centuries on the free market as the best money; as the
commodity providing the most stable and desirable monetary medium." Murray N. Rothbard
At the Comex silver depositories Thursday final figures were: Registered
23.35Moz,
Eligible 125.70 Moz, Total 149.05 Moz.
Crooks and Scoundrels Corner
The bent, the seriously bent, and the totally
doubled over.
No crooks today, they’re all destroying documents and heading for the UK’s
airports.
"As fewer and fewer people have confidence in paper as a store of value, the price of gold will continue to rise. The history of fiat money is little more than a register of monetary follies and inflations. Our present age merely affords another entry in this dismal register."
Hans F. Sennholz
Solar & Related Update.
With events
happening fast in the development of solar power and graphene, I’ve added this
section. Updates as they get reported. Is converting sunlight to usable cheap
AC or DC energy mankind’s future from the 21st century onwards? DC?
A quantum computer next?
Solar Power to Grow Sixfold as Sun Becoming Cheapest Resource
June 22,
2016 — 2:00 PM BST Updated on June 22, 2016 — 10:00 PM BST
The amount of electricity generated using solar panels stands to expand as
much as sixfold by 2030 as the cost of production falls below competing natural
gas and coal-fired plants, according to the International Renewable Energy
Agency.Solar plants using photovoltaic technology could account for 8 percent to 13 percent of global electricity produced in 2030, compared with 1.2 percent at the end of last year, the Abu Dhabi-based industry group said in a report Wednesday. The average cost of electricity from a photovoltaic system is forecast to plunge as much as 59 percent by 2025, making solar the cheapest form of power generation “in an increasing number of cases,” it said.
Renewables are replacing nuclear energy and curbing electricity production from gas and coal in developed areas such as Europe and the U.S., according to Bloomberg New Energy Finance. California’s PG&E Corp. is proposing to close two nuclear reactors as wind and solar costs decline. Even as supply gluts depress coal and gas prices, solar and wind technologies will be the cheapest ways to produce electricity in most parts of the world in the 2030s, New Energy Finance said in a report this month.
---- The “most attractive” markets for solar panels up to 2020 are Brazil, Chile, Israel, Jordan, Mexico, the Philippines, Russia, South Africa, Saudi Arabia, and Turkey, according to Irena. Global capacity could reach 1,760 to 2,500 gigawatts in 2030, compared with 227 gigawatts at the end of 2015, it said.
Smart grids, or power networks capable of handling and distributing
electricity from different sources, and new types of storage technologies will
encourage further use of solar power, Irena said.
More
Another weekend, and the first of many in freedom for the lucky Brits. Have a great weekend everyone. On to the Spanish election.
"When paper money systems begin to crack at the seams, the run to gold could be explosive."
Harry Browne
The monthly Coppock Indicators finished May
DJIA: 17787
-20 Up NASDAQ: 4946 +04 Down. SP500: 2097 -18 Up.
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